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<SEC-DOCUMENT>0001206774-10-000378.txt : 20100226
<SEC-HEADER>0001206774-10-000378.hdr.sgml : 20100226
<ACCEPTANCE-DATETIME>20100226124508
ACCESSION NUMBER:		0001206774-10-000378
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20091231
FILED AS OF DATE:		20100226
DATE AS OF CHANGE:		20100226
EFFECTIVENESS DATE:		20100226

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Delaware Investments National Municipal Income Fund
		CENTRAL INDEX KEY:			0000895574
		IRS NUMBER:				411737161
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		N-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-07410
		FILM NUMBER:		10637542

	BUSINESS ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103
		BUSINESS PHONE:		18005231918

	MAIL ADDRESS:	
		STREET 1:		ONE COMMERCE SQUARE
		STREET 2:		2005 MARKET STREET
		CITY:			PHILADELPHIA
		STATE:			PA
		ZIP:			19103

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DELAWARE INVESTMENTS FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	20020327

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURED MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VOYAGEUR FLORIDA INSURD MUNICIPAL INCOME FUND
		DATE OF NAME CHANGE:	19930122
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-Q
<SEQUENCE>1
<FILENAME>delmunincome_nq.htm
<DESCRIPTION>QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
<TEXT>
<html>
<head>
    <title>delmunincome_nq.htm</title>
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</head>
<body bgcolor="#ffffff"><br>
    <div align="center"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: serif">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION<br>Washington, DC
20549 </font></font></div>
    <div>&#160;</div>
    <div align="center"><font style="DISPLAY: inline"><font size="2" style="FONT-FAMILY: serif">FORM N-Q </font></font></div>
    <div>&#160;</div>
    <div align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF
REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</font></font></div>
    <div>&#160;</div>
    <div align="center">
    </div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Investment Company Act file number:</font></td>
            <td align="left" nowrap width="2%">&#160;&#160;&#160;&#160;&#160; </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">811-07410</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="48%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Exact name of registrant as specified in charter:</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">Delaware Investments National Municipal Income Fund</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Address of principal executive offices:</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">2005 Market Street</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">Philadelphia, PA 19103</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Name and address of agent for service:</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">David F. Connor, Esq.</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">2005 Market Street</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">Philadelphia, PA 19103</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Registrant&#8217;s telephone number, including area code:</font></td>
            <td align="right" nowrap width="2%">&#160;</td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">(800) 523-1918</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="right" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Date of fiscal year end:</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">March 31</font></td>
          </tr><tr>
            <td align="left" nowrap width="49%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%">&#160;</td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="49%"><font size="2" style="FONT-FAMILY: serif">Date of reporting period:</font></td>
            <td align="left" nowrap width="2%">
            </td>
            <td align="left" nowrap width="48%"><font size="2" style="FONT-FAMILY: serif">December 31, 2009</font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Item 1. Schedule of Investments.
</font></font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="FONT-FAMILY: serif">Schedule of Investments </font></font><font style="FONT-FAMILY: serif">(Unaudited)</font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Delaware Investments
National Municipal Income Fund</font></font></font></div>
    <div>&#160;</div>
    <div align="justify"><font size="2" style="FONT-FAMILY: serif">December 31,
2009</font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" colspan="2" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Principal</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" colspan="2" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Amount</font></font></td>
            <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td align="left" colspan="2" nowrap width="4%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Value</font></font></td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds &#8211;
98.42%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Corporate-Backed Revenue Bonds &#8211;
      13.11%</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0" style="LINE-HEIGHT: 12pt"><font size="1" style="FONT-FAMILY: serif"><font size="2">&#8226;</font>Brazos, Texas Harbor Industrial Development Environmental
      Facilities Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      (Dow Chemical Project) 5.90% 5/1/38 (AMT)</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">125,000</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">121,848</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Buckeye, Ohio Tobacco Settlement Financing Authority Asset-Backed
      Senior Turbo Series A-2</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; 5.875% 6/1/47</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">320,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">242,467</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; 6.50% 6/1/47</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">130,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">108,220</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom" style="LINE-HEIGHT: 12pt;">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif"><font size="2">&#8226;</font>Chesapeake,
      Virginia Economic Development Authority Pollution Control
Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      (Virginia Electric &amp; Power Project) Series A 3.60% 2/1/32</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">517,465</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Clayton County, Georgia Development Authority Special Facilities
      Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (Delta Airlines) Series B
      9.00% 6/1/35 (AMT)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">200,192</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Golden State, California Tobacco
      Securitization Corporation Settlement Revenue (Asset-Backed Senior
      Notes)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A-1 5.125% 6/1/47</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">370,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">248,422</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Harris County, Texas Industrial Development Solid Waste Disposal
      Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (Deer Park Refining Project
      Remarketing) 5.00% 2/1/23</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">150,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">149,709</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Hawaii State Department Budget &amp;
      Finance Special Purpose Revenue</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      (Hawaiian Electric Subsidiary) 6.50% 7/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">290,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">311,016</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Iowa Finance Authority Pollution Control Facilities Revenue
      Refunding (Interstate Power) 5.00% 7/1/14 (FGIC)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">540,400</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">M-S-R Energy Authority, California Gas
      Revenue Series A</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      6.125% 11/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">115,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">118,126</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      6.50% 11/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">210,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">224,784</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" style="LINE-HEIGHT: 12pt"><font size="1" style="FONT-FAMILY: serif"><font size="2">&#8226;</font>New York City, New
      York Industrial Development Agency Special Facilities Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (American Airlines-JFK
      International Airport) 7.625% 8/1/25 (AMT)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">450,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">444,915</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ohio State Air Quality Development
      Authority Revenue (First Energy Generation) Series A 5.70%
8/1/20</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">260,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">271,112</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Pennsylvania Economic Development Financing Authority Exempt
      Facilities Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      (Allegheny Energy Supply) 7.00% 7/15/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">345,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#ffffff">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#ffffff"><font size="1" style="FONT-FAMILY: serif">373,024</font></td>
            <td align="right" nowrap width="2%" bgcolor="#ffffff">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Salt Verde Financial Gas Revenue,
      Arizona Senior Note 5.00% 12/1/37</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">256,707</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">4,128,407</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Education Revenue Bonds &#8211;
      5.72%</font></font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">California Statewide Communities Development Authority Student
      Housing Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (Irvine, LLC - UCI East
      Campus) 6.00% 5/15/23</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">470,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">488,118</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Marietta, Georgia Development Authority
      Revenue Refunding (Life University Income Project) 7.00% 6/15/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">430,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">394,181</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Maryland State Economic Development Corporation Student Housing
      Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (University of Maryland
      College Park Projects) 5.75% 6/1/33</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">370,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">373,663</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Massachusetts State Health &amp;
      Educational Facilities Authority Revenue (Nichols College
    Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series C 6.125% 10/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">229,243</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">New Hampshire Health &amp; Education Facilities Authority
      Revenue</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (Dartmouth-Hitchcock Medical
      Center) 6.00% 8/1/38</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">314,685</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,799,890</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Health Care Revenue Bonds &#8211;
      18.62%</font></font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Arizona Health Facilities Authority
      Revenue (Banner Health) Series A 5.00% 1/1/17</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">310,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">330,910</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Brevard County, Florida Healthcare Facilities Authority Revenue
      (Health First Income Project) 7.00% 4/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">90,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">97,973</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Butler County, Pennsylvania Hospital
      Authority Revenue (Butler Health System Project) 7.125% 7/1/29</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">150,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">167,498</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">California Municipal Finance Authority Certificates of
      Participation (Community Hospital Center) 5.50% 2/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">270,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">242,663</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Escambia County, Florida Health
      Facilities Authority (VHA Loan Program) 5.95% 7/1/20 (AMBAC)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">290,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">298,161</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Illinois Finance Authority Revenue (Silver Cross &amp; Medical
      Centers) 7.00% 8/15/44</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">316,680</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Lycoming County, Pennsylvania Authority
      Health System Revenue (Susquehanna Health System Project)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.50% 7/1/28</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">485,325</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Maricopa County, Arizona Industrial Development Authority Health
      Facilities Revenue (Catholic Healthcare West)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.00%
7/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">225,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">235,271</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Massachusetts State Health &amp;
      Education Facilities Authority Revenue (Caregroup) Refunding</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series E-2 5.375% 7/1/19</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">360,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">373,799</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">New Mexico State Hospital Equipment Loan Council Revenue
      (Presbyterian Healthcare) 5.00% 8/1/39</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">987,779</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Ohio State Hospital Facilities Revenue
      Refunding (Cleveland Clinic Health) Series A 5.50% 1/1/39</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">311,205</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">Orange County, Florida Health Facilities Authority Revenue (Orlando
      Regional Healthcare)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Series A 6.25% 10/1/18
      (NATL-RE)</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,470,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,674,785</font></td>
            <td align="right" nowrap width="2%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Scottsdale, Arizona Industrial
      Development Authority Hospital Revenue Refunding (Scottsdale
      Healthcare)</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.00% 9/1/23</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">360,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">340,848</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr><tr>
            <td align="left" nowrap width="88%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1">5,862,897</font></td>
            <td align="right" nowrap width="2%" bgcolor="#c0c0c0">
            </td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Housing Revenue Bonds &#8211;
      6.53%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">California Housing Finance Agency Revenue (Home Mortgage) Series M
      5.95% 8/1/25 (AMT)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">257,743</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Florida Housing Finance Agency
      (Homeowner Mortgage) Series 2 5.90% 7/1/29 (NATL-RE) (AMT)</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">290,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">293,384</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Volusia County, Florida Multifamily Housing Finance Authority (San
      Marco Apartments)</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.60% 1/1/44 (AGM)
      (AMT)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,500,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,506,585</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,057,712</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Local General Obligation Bonds &#8211;
      3.53%</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Desert, California Community College
      District Election 2004 Series C 5.00% 8/1/37 (AGM)</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">295,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">297,581</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Idaho Board Bank Authority Revenue Series A 5.00% 9/15/28</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">274,023</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New York City, New York</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Fiscal 2003 Series I 5.375% 4/1/36</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">266,385</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Fiscal 2009 Subordinate Series A-1 5.25% 8/15/21</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">274,270</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,112,259</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Special Tax Revenue Bonds &#8211;
      23.09%</font></font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Brooklyn Arena Local Development (Barclays Center Project) 5.875%
      7/15/30</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">320,916</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">California State Economic Recovery
      Series A 5.25% 7/1/21</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">260,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">278,364</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Jacksonville, Florida Sales Tax Revenue (Better Jacksonville) 5.00%
      10/1/30 (NATL-RE)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,320,761</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Jacksonville, Florida Transportation
      Revenue Refunding 5.25% 10/1/29 (NATL-RE)</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">1,026,500</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Miami-Dade County, Florida Special Obligation (Capital Appreciation
      &amp; Income)</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Series B 5.00% 10/1/35
      (NATL-RE)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">2,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,976,989</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">New York State Dormitory Authority
      (State Personal Income Tax Revenue-Education)</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.00% 3/15/38</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">570,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">589,944</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">New York State Thruway Authority (State Personal Income Tax
      Revenue-Transportation)</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Series A 5.00%
    3/15/22</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">425,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">469,442</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Sales Tax Financing
      Corporation Sales Tax Revenue First Subordinate Series A</font></td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="3%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0" style="LINE-HEIGHT: 12pt"><font size="1" style="FONT-FAMILY: serif"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160; &#8226;</font>5.00% 8/1/39</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">500,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">524,555</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      5.75% 8/1/37</font></td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">285,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
            <td align="right" nowrap width="3%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">295,611</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman"><font size="1">&#160;&#160;&#160;&#160;&#160;&#160; </font>&#937;</font>(Capital
      Appreciation) 6.75% 8/1/32</font></div>
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">610,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">465,442</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">7,268,524</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">State General Obligation Bonds &#8211;
      7.90%</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">California State Various Purposes 6.00% 4/1/38</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">105,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">107,608</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">New York State Refunding Series A 5.00% 2/15/39</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">312,246</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Puerto Rico Commonwealth Refunding (Public Improvement) Series
      A</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      5.00% 7/1/16 (ASSURED GTY)</font></td>
            <td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">268,700</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; 5.50% 7/1/19
    (NATL-RE)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,309,813</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      6.00% 7/1/39</font></td>
            <td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">200,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">200,862</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Virginia State Commonwealth Refunding Series B 5.00%
    6/1/20</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">250,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">287,905</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,487,134</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="1" style="FONT-FAMILY: serif">Transportation Revenue Bonds &#8211;
      11.37%</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Bay Area Toll Authority, California Toll Bridge Revenue (San
      Francisco Bay Area) Series F-1 5.625% 4/1/44</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">235,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">249,182</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Florida Ports Financing Commission Revenue (State Transportation
      Trust Fund)</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; 5.375% 6/1/27 (NATL-RE)
      (AMT)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Metropolitan Washington D.C. Airports Authority Dulles Toll Road
      Revenue First Senior Lien</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160;
      Series A 5.25% 10/1/44</font></td>
            <td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">245,000</font></td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="left" nowrap width="1%" bgcolor="white">
            </td>
            <td align="right" nowrap width="3%" bgcolor="white"><font size="1" style="FONT-FAMILY: serif">249,604</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Pennsylvania State Turnpike Commission Revenue</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Subordinate Series B 5.25%
      6/1/39</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">306,018</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; Subordinate Series D 5.125%
      12/1/40</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">390,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">394,368</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Sacramento County, California Airport Services Revenue (PFC/Grant)
      Series C 6.00% 7/1/41</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">321,855</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">St. Louis, Missouri Airport Revenue (Lambert-St Louis
      International) Series A-1 6.625% 7/1/34</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">325,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">343,889</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Texas Private Activity Bond Surface Transportation Senior Lien Note
      Mobility 7.50% 12/31/31</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">326,643</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%" style="LINE-HEIGHT: 12pt"><font size="1" style="FONT-FAMILY: serif"><font size="2">&#8226;</font>Triborough, New
      York Bridge &amp; Tunnel Authority Revenue Subordinate Series B-3 5.00%
      11/15/38</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">350,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">388,115</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">3,579,674</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Water
      &amp; Sewer Revenue Bonds &#8211; 8.55%</font></div>
              </div>
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Atlanta, Georgia Water &amp; Wastewater Revenue Series A 6.25%
      11/1/39</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">300,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">319,938</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Florida Water Pollution Control Financing Revenue Series A 5.00%
      1/15/25</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">235,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">252,305</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Riviera Beach, Florida Utility Special District Water &amp; Sewer
      Revenue 5.00% 10/1/34 (NATL-RE) (FGIC)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,200,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,105,596</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Winter Haven, Florida Utilities Systems Revenue 5.00% 10/1/30
      (NATL-RE)</font></td>
            <td align="right" nowrap width="3%"><font size="1" style="FONT-FAMILY: serif">1,000,000</font></td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">&#160;</td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">1,013,880</font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%">
            </td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">2,691,719</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Municipal Bonds (cost
      $30,166,066)</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">30,988,216</font></font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160; </font></td>
            <td align="left" nowrap width="3%">&#160;</td>
            <td align="left" nowrap width="1%">&#160;</td>
            <td nowrap width="1%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: left">&#160;</td>
            <td nowrap width="3%" style="BORDER-BOTTOM: 4px; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Total Value of Securities &#8211;
      98.42%</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="3%">&#160;</td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">&#160;&#160;&#160;&#160;&#160;&#160; (cost $30,166,066)</font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="right" nowrap width="3%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">30,988,216</font></font></td>
          </tr><tr valign="bottom" bgcolor="silver">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Receivables and Other Assets Net of
      Liabilities (See Notes) &#8211; 1.58%</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="left" nowrap width="1%">
            </td>
            <td align="left" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">496,119</font></font></td>
          </tr><tr valign="bottom" bgcolor="white">
            <td align="left" nowrap width="92%"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Net Assets Applicable to 2,422,200
      Shares Outstanding &#8211; 100.00%</font></font></td>
            <td align="left" nowrap width="3%">
            </td>
            <td align="right" nowrap width="1%">
            </td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">$</font></font></td>
            <td align="right" nowrap width="3%" style="BORDER-BOTTOM: #000000 1pt solid"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">31,484,335</font></font></td>
          </tr></table>
    </div><br>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="justify"><font size="1"><font style="FONT-FAMILY: serif">&#937;Step coupon
bond. Indicates security that has a zero coupon that remains in effect until a
predetermined date at which time the stated interest rate becomes effective.
<br></font><font style="FONT-FAMILY: serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8226;</font>Variable rate security. The
rate shown is the rate as of December 31, 2009. </font></font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="1" style="FONT-FAMILY: serif">Summary of
Abbreviations:<br></font></font><font size="1" style="FONT-FAMILY: serif">AGM &#8211;
Insured by Assured Guaranty Municipal Corporation</font><font size="1" style="FONT-FAMILY: serif"><br></font><font size="1" style="FONT-FAMILY: serif">AMBAC &#8211; Insured by the AMBAC Assurance Corporation <br>AMT &#8211; Subject to
Alternative Minimum Tax <br>ASSURED GTY &#8211; Insured by the Assured Guaranty
Corporation <br>FGIC &#8211; Insured by the Financial Guaranty Insurance Company
<br></font><font size="1" style="FONT-FAMILY: serif">NATL-RE &#8211; Insured by the
National Public Finance Guarantee Corporation VHA &#8211; Veterans Health
Administration </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="100%" style="">
<tr>
            <td width="100%" style="BORDER-TOP: #000000 1pt solid">
              <div align="justify">&#160;</div>
            </td>
          </tr><tr>
            <td width="100%">
              <div align="justify"><font size="4" style="FONT-WEIGHT: bold; FONT-FAMILY: serif">Notes</font></div>
            </td>
          </tr></table>
    </div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font></div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">1. Significant Accounting
Policies<br></font></font><font size="1" style="FONT-FAMILY: serif">The following
accounting policies are in accordance with U.S. generally accepted accounting
principles (U.S. GAAP) and are consistently followed by Delaware Investments
National Municipal Income Fund (Fund). This report covers the period of time
since the Fund&#8217;s last fiscal year end. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Security Valuation</font></font><font size="1" style="FONT-FAMILY: serif"> &#8211; </font><font size="1" style="FONT-FAMILY: serif">Short-term debt securities are valued at market value</font><font size="1" style="FONT-FAMILY: serif">. Other debt securities are valued by an
independent pricing service or broker. To the extent current market prices are
not available, the pricing service may take into account developments related to
the specific security, as well as transactions in comparable securities.
Generally, other securities and assets for which market quotations are not
readily available are valued at fair value as determined in good faith under the
direction of the Fund&#8217;s Board of Trustees (Board). In determining whether market
quotations are readily available or fair valuation will be used, various factors
will be taken into consideration, such as market closures or suspension of
trading in a security. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Federal Income Taxes</font></font><font size="1" style="FONT-FAMILY: serif"> &#8211; No provision for federal income taxes has
been made as the Fund intends to continue to qualify for federal income tax
purposes as a regulated investment company under Subchapter M of the Internal
Revenue Code of 1986, as amended, and make the requisite distributions to
shareholders. The Fund evaluates tax positions taken or expected to be taken in
the course of preparing the Fund&#8217;s tax returns to determine whether the tax
positions are &#8220;more-likely-than-not&#8221; of being sustained by the applicable tax
authority. Tax positions not deemed to meet the more-likely-than-not threshold
are recorded as a tax benefit or expense in the current year. Management has
analyzed the Fund&#8217;s tax positions taken on federal income tax returns for all
open tax years (tax years ended March 31, 2007 &#8211; March 31, 2009), and has
concluded that no provision for federal income tax is required in the Fund&#8217;s
financial statements. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Use of Estimates</font></font><font size="1" style="FONT-FAMILY: serif"> &#8211; The preparation of financial statements in
conformity with U.S. GAAP requires management to make estimates and assumptions
that may affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of revenues and expenses
during the reporting period. Actual results could differ from those estimates.
</font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Other</font></font><font size="1" style="FONT-FAMILY: serif"> &#8211; Expenses directly attributable to the Fund
are charged directly to the Fund. Other expenses common to various funds within
the Delaware Investments<font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">&#174;</font> </font><font size="1" style="FONT-FAMILY: serif">Family of Funds are generally allocated
amongst such funds on the basis of average net assets. Management fees and some
other expenses are paid monthly. Security transactions are recorded on the date
the securities are purchased or sold (trade date) for financial reporting
purposes. Costs used in calculating realized gains and losses on the sale of
investment securities are those of the specific securities sold. Interest income
is recorded on the accrual basis. Discounts and premiums are amortized to
interest income over the lives of the respective securities. The Fund declares
and pays dividends from net investment income monthly and distributions from net
realized gain on investments, if any, annually. </font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">On July 1, 2009, the
Financial Accounting Standards Board (FASB) issued the FASB Accounting Standards
Codification (Codification). The Codification became the single source of
authoritative nongovernmental U.S. GAAP, superseding existing literature of the
FASB, American Institute of Certified Public Accountants, Emerging Issues Task
Force and other sources. The Codification is effective for interim and annual
periods ending after September 15, 2009. The Fund adopted the Codification for
the period ended December 31, 2009. There was no impact to financial statements
as the Codification requirements are disclosure-only in nature. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">2. Investments<br></font></font><font size="1" style="FONT-FAMILY: serif">At December 31, 2009, the cost of investments
for federal income tax purposes has been estimated since final tax
characteristics cannot be determined until fiscal year end. At December 31,
2009, the cost of investments and unrealized appreciation (depreciation) for the
Fund were as follows: </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Cost of investments</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">30,166,066</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Aggregate unrealized appreciation</font></td>
            <td align="right" nowrap width="1%"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="5%"><font size="1" style="FONT-FAMILY: serif">1,199,517</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Aggregate unrealized
    depreciation</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid">
            </td>
            <td align="right" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">(377,367</font></td>
            <td align="left" nowrap width="1%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">)</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="92%"><font size="1" style="FONT-FAMILY: serif">Net unrealized appreciation</font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="right" nowrap width="5%" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">822,150</font></td>
            <td align="left" nowrap width="1%">
            </td>
          </tr></table>
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">For federal income
tax purposes, at March 31, 2009, capital loss carryforwards of $1,789,580 may be
carried forward and applied against future capital gains. Such capital loss
carryforwards will expire as follows: $18,596 in 2016 and $1,770,984 in 2017.
</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">U.S. GAAP defines
fair value as the price that the Fund would receive to sell an asset or pay to
transfer a liability in an orderly transaction between market participants at
the measurement date under current market conditions. A framework for measuring
fair value and a three level hierarchy for fair value measurements has been
established based upon the transparency of inputs to the valuation of an asset
or liability. Inputs may be observable or unobservable and refer broadly to the
assumptions that market participants would use in pricing the asset or
liability. Observable inputs reflect the assumptions market participants would
use in pricing the asset or liability based on market data obtained from sources
independent of the reporting <font size="1" style="FONT-FAMILY: serif">entity.
Unobservable inputs reflect the reporting entity's own assumptions about the
assumptions that market participants would use in pricing the asset or liability
developed based on the best information available under the circumstances. The
Fund's investment in its entirety is assigned a level based upon the
observability of the inputs which are significant to the overall valuation. The
three-tier hierarchy of inputs is summarized below. </font></font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">Level 1 &#8211; inputs are
quoted prices in active markets<br>Level 2 &#8211; inputs are observable, directly or
indirectly<br></font><font size="1" style="FONT-FAMILY: serif">Level 3 &#8211; inputs
are unobservable and reflect assumptions on the part of the reporting
entity</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">The following table
summarizes the valuation of the Fund&#8217;s investments by the fair value hierarchy
levels as of December 31, 2009: </font></div>
    <div>&#160;</div>
    <div>
      <table border="0" cellpadding="0" cellspacing="0" width="55%" style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse; ">
<tr valign="bottom">
            <td align="left" nowrap width="93%">
            </td>
            <td colspan="2" nowrap width="6%" style="BORDER-BOTTOM: 4px none; TEXT-ALIGN: center"><font size="1" style="FONT-FAMILY: serif">Level 2</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%" bgcolor="#c0c0c0"><font size="1" style="FONT-FAMILY: serif">Municipal Bonds</font></td>
            <td align="right" nowrap width="1%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="left" nowrap width="5%" bgcolor="#c0c0c0" style="BORDER-BOTTOM: #000000 1pt solid"><font size="1" style="FONT-FAMILY: serif">30,988,216</font></td>
          </tr><tr valign="bottom">
            <td align="left" nowrap width="93%"><font size="1" style="FONT-FAMILY: serif">Total</font></td>
            <td align="right" nowrap width="1%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">$</font></td>
            <td align="left" nowrap width="5%" style="BORDER-BOTTOM: #000000 1.5pt solid"><font size="1" style="FONT-FAMILY: serif">30,988,216</font></td>
          </tr></table>
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">There were no Level 3
securities at the beginning or end of the period. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">3. Credit and Market
Risk<br></font></font><font size="1" style="FONT-FAMILY: serif">The Fund
concentrates its investments in securities issued by municipalities. On
September 13, 2007, shareholders of Delaware Investments National Municipal
Income Fund (formerly Delaware Investments Florida Insured Municipal Income
Fund) approved (1) the elimination of the Fund&#8217;s fundamental investment policy
that required the Fund to invest primarily in insured municipal securities
issued by the State of Florida and (2) the adoption of a new fundamental
investment policy permitting the Fund to invest in un-insured municipal
securities issued by states other than Florida. The Fund&#8217;s portfolio managers
began to transition the Fund&#8217;s portfolio to include un-insured municipal bonds
issued by other states and territories on October 15, 2007. As of December 31,
2009, municipal bonds issued by the state of Florida constitute approximately
34% of the Fund&#8217;s portfolio. These investments could make the Fund more
sensitive to economic conditions in Florida than other more geographically
diversified national municipal income funds. The value of these investments may
be adversely affected by new legislation within the states, regional or local
economic conditions, and differing levels of supply and demand for municipal
bonds. Many municipalities insure repayment for their obligations. Although bond
insurance reduces the risk of loss due to default by an issuer, such bonds
remain subject to the risk that value may fluctuate for other reasons and there
is no assurance that the insurance company will meet its obligations. A real or
perceived decline in creditworthiness of a bond insurer can have an adverse
impact on the value of insured bonds held in the Fund. At December 31, 2009, 43%
of the Fund&#8217;s net assets were insured by bond insurers. These securities have
been identified in the schedule of investments. </font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">The Fund invests a
portion of its assets in high yield fixed income securities, which carry ratings
of BB or lower by Standard &amp; Poor&#8217;s Ratings Group (S&amp;P) and/or Ba or
lower by Moody&#8217;s Investors Service, Inc. (Moody&#8217;s). Investments in these higher
yielding securities are generally accompanied by a greater degree of credit risk
than higher rated securities. Additionally, lower rated securities may be more
susceptible to adverse economic and competitive industry conditions than
investment grade securities.</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">The Fund may invest
in advanced refunded bonds, escrow secured bonds or defeased bonds. Under
current federal tax laws and regulations, state and local government borrowers
are permitted to refinance outstanding bonds by issuing new bonds. The issuer
refinances the outstanding debt to either reduce interest costs or to remove or
alter restrictive covenants imposed by the bonds being refinanced. A refunding
transaction where the municipal securities are being refunded within 90 days
from the issuance of the refunding issue is known as a "current refunding".
"Advance refunded bonds" are bonds in which the refunded bond issue remains
outstanding for more than 90 days following the issuance of the refunding issue.
In an advance refunding, the issuer will use the proceeds of a new bond issue to
purchase high grade interest bearing debt securities which are then deposited in
an irrevocable escrow account held by an escrow agent to secure all future
payments of principal and interest and bond premium of the advance refunded
bond. Bonds are "escrowed to maturity" when the proceeds of the refunding issue
are deposited in an escrow account for investment sufficient to pay all of the
principal and interest on the original interest payment and maturity dates.
</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">Bonds are considered
"pre-refunded" when the refunding issue's proceeds are escrowed only until a
permitted call date or dates on the refunded issue with the refunded issue being
redeemed at the time, including any required premium. Bonds become "defeased"
when the rights and interests of the bondholders and of their lien on the
pledged revenues or other security under the terms of the bond contract and are
substituted with an alternative source of revenues (the escrow securities)
sufficient to meet payments of principal and interest to maturity or to the
first call dates. Escrowed secured bonds will often receive a rating of AAA from
Moody's, S&amp;P, and/or Fitch Ratings due to the strong credit quality of the
escrow securities and the irrevocable nature of the escrow deposit
agreement.</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">The Fund may invest
up to 15% of its net assets in illiquid securities, which may include securities
with contractual restrictions on resale, securities exempt from registration
under Rule 144A of the Securities Act of 1933, as amended, and other securities
which may not be readily marketable. The relative illiquidity of these
securities may impair the Fund from disposing of them in a timely manner and at
a fair price when it is necessary or desirable to do so. While maintaining
oversight, the Fund&#8217;s Board has delegated to Delaware Management Company, a
series of Delaware Management Business Trust, the day-to-day functions of
determining whether individual securities are liquid for purposes of the Fund&#8217;s
limitation on investments in illiquid assets. Securities eligible for resale
pursuant to Rule 144A, which are determined to be liquid, are not subject to the
Fund&#8217;s 15% limit on investments in illiquid securities. As of December 31, 2009,
there were no Rule 144A securities and no securities have been determined to be
illiquid under the Fund&#8217;s Liquidity Procedures. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">4. Sale of Delaware Investments to Macquarie
Group<br></font></font><font size="1" style="FONT-FAMILY: serif">On August 18,
2009, Lincoln National Corporation (parent company of Delaware Investments) and
Macquarie Group (Macquarie) entered into an agreement pursuant to which Delaware
Investments, including DMC, DDLP and DSC, would be acquired by Macquarie, an
Australia-based global provider of banking, financial, advisory, investment and
funds management services (Transaction). The Transaction was completed on
January 4, 2010. DMC, DDLP and DSC are now wholly owned subsidiaries of
Macquarie.</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="justify"><font size="1" style="FONT-FAMILY: serif">The Transaction
resulted in a change of control of DMC which, in turn, caused the termination of
the investment advisory agreement between DMC and the Fund. On January 4, 2010,
the new investment advisory agreement between DMC and the Fund that was approved
by the shareholders became effective. </font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">5. Subsequent Event<br></font></font><font size="1" style="FONT-FAMILY: serif">Management has evaluated whether any events or
transactions occurred subsequent to December 31, 2009 through February 25, 2010,
the date of issuance of the Fund's schedule of portfolio holdings, and
determined that, except as disclosed, there were no material events or
transactions that would require recognition or disclosure in the Fund&#8217;s schedule
of portfolio holdings. </font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
    <div id="PN" style="PAGE-BREAK-BEFORE: always">
    </div><br>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Item 2. Controls and Procedures.
</font></font></div>
    <div>&#160;</div>
    <div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">The registrant&#8217;s principal executive officer
and principal financial officer have evaluated the registrant&#8217;s disclosure
controls and procedures within 90 days of the filing of this report and have
concluded that they are effective in providing reasonable assurance that the
information required to be disclosed by the registrant in its reports or
statements filed under the Securities Exchange Act of 1934 is recorded,
processed, summarized and reported within the time periods specified in the
rules and forms of the Securities and Exchange Commission.</font></div>
    <div>&#160;</div>
    <div align="justify"><font size="2" style="FONT-FAMILY: serif"><font size="3">&#160;&#160;&#160;&#160;&#160;</font>There were no significant changes in
the registrant&#8217;s internal control over financial reporting that occurred during
the registrant&#8217;s last fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrant&#8217;s internal control over
financial reporting.</font></div>
    <div>&#160;</div>
    <div align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font size="2" style="FONT-FAMILY: serif">Item 3. Exhibits.</font></font></div>
    <div>&#160;</div>
    <div align="justify">&#160;&#160;&#160;&#160;&#160;<font size="2" style="FONT-FAMILY: serif">File as exhibits as part of this Form a
separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the Act
(17 CFR 270.30a-2(a)), exactly as set forth below:</font></div>
    <div>&#160;</div>
    <hr align="center" noshade size="2" width="100%">
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>exhibit99-cert.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<html>
<head>
    <title>exhibit99-cert.htm</title>
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<body bgcolor="#ffffff"><br>
    <DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: serif" size=2>CERTIFICATION</FONT></FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: serif" size=2> </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: serif" size=2>I, Patrick P. Coyne,
certify that: </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap TEXT-ALIGN: left?><FONT style="FONT-FAMILY: serif" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>I have
      reviewed this report on Form N-Q of Delaware Investments National
      Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>2.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>3.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>Based
      on my knowledge, the schedules of investments included in this report
      fairly present in all material respects the investments of the registrant
      as of the end of the fiscal quarter for which the report is
    filed;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>4.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>The
      registrant&#146;s other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Designed such
      disclosure controls and procedures, or caused such disclosure controls and
      procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being
      prepared;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Designed such
      internal control over financial reporting, or caused such internal control
      over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(c)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Evaluated the
      effectiveness of the registrant&#146;s disclosure controls and procedures and
      presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures, as of a date within 90 days prior to
      the filing date of this report, based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(d)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the registrant&#146;s most recent fiscal quarter
      that has materially affected, or is reasonably likely to materially
      affect, the registrant&#146;s internal control over financial reporting;
      and</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>5.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>The
      registrant&#146;s other certifying officer(s) and I have disclosed to the
      registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(a)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>All significant
      deficiencies and material weaknesses in the design or operation of
      internal control over financial reporting which are reasonably likely to
      adversely affect the registrant&#146;s ability to record, process, summarize,
      and report financial information; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT size=2>(b)</FONT></TD>
    <TD width="100%"><FONT size=2>Any fraud, whether or not material, that
      involves management or other employees who have a significant role in the
      registrant&#146;s internal control over financial
  reporting.</FONT></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>/s/ PATRICK P.
      COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Title:&nbsp;</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Chief Executive
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>February&nbsp;25, 2010</FONT></TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV>&nbsp;</DIV>
<HR align=center width="100%" noShade SIZE=2>

<DIV id=PN style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: serif" size=2>CERTIFICATION</FONT></FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: serif" size=2> </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="FONT-FAMILY: serif" size=2>I, Richard Salus,
certify that: </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap left? TEXT-ALIGN:><FONT style="FONT-FAMILY: serif" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>I have
      reviewed this report on Form N-Q of Delaware Investments National
      Municipal Income Fund;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>2.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>Based
      on my knowledge, this report does not contain any untrue statement of a
      material fact or omit to state a material fact necessary to make the
      statements made, in light of the circumstances under which such statements
      were made, not misleading with respect to the period covered by this
      report;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>3.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>Based
      on my knowledge, the schedules of investments included in this report
      fairly present in all material respects the investments of the registrant
      as of the end of the fiscal quarter for which the report is
    filed;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>4.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>The
      registrant&#146;s other certifying officer(s) and I are responsible for
      establishing and maintaining disclosure controls and procedures (as
      defined in Rule 30a-3(c) under the Investment Company Act of 1940) and
      internal control over financial reporting (as defined in Rule 30a-3(d)
      under the Investment Company Act of 1940) for the registrant and
      have:</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Designed such
      disclosure controls and procedures, or caused such disclosure controls and
      procedures to be designed under our supervision, to ensure that material
      information relating to the registrant, including its consolidated
      subsidiaries, is made known to us by others within those entities,
      particularly during the period in which this report is being
      prepared;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(b)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Designed such
      internal control over financial reporting, or caused such internal control
      over financial reporting to be designed under our supervision, to provide
      reasonable assurance regarding the reliability of financial reporting and
      the preparation of financial statements for external purposes in
      accordance with generally accepted accounting principles;</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(c)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Evaluated the
      effectiveness of the registrant&#146;s disclosure controls and procedures and
      presented in this report our conclusions about the effectiveness of the
      disclosure controls and procedures, as of a date within 90 days prior to
      the filing date of this report, based on such evaluation; and</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(d)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>Disclosed in this
      report any change in the registrant&#146;s internal control over financial
      reporting that occurred during the registrant&#146;s most recent fiscal quarter
      that has materially affected, or is reasonably likely to materially
      affect, the registrant&#146;s internal control over financial reporting;
      and</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>5.</FONT></TD>
    <TD width="100%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>The
      registrant&#146;s other certifying officer(s) and I have disclosed to the
      registrant&#146;s auditors and the audit committee of the registrant&#146;s board of
      directors (or persons performing the equivalent functions):</FONT></TD></TR>
  <TR>
    <TD colSpan=3>&nbsp;</TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT style="FONT-FAMILY: serif" size=2>(a)</FONT></TD>
    <TD width="100%"><FONT style="FONT-FAMILY: serif" size=2>All significant
      deficiencies and material weaknesses in the design or operation of
      internal control over financial reporting which are reasonably likely to
      adversely affect the registrant&#146;s ability to record, process, summarize,
      and report financial information; and</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top noWrap><FONT size=2>(b)</FONT></TD>
    <TD width="100%"><FONT size=2>Any fraud, whether or not material, that
      involves management or other employees who have a significant role in the
      registrant&#146;s internal control over financial
  reporting.</FONT></TD></TR></TABLE></DIV><BR>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>/s/ RICHARD
    SALUS</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Title:&nbsp;</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Chief&nbsp;Financial
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>February&nbsp;25, 2010</FONT></TD></TR></TABLE></DIV>
<DIV></DIV>
<DIV>&nbsp;</DIV>
<HR align=center width="100%" noShade SIZE=2>


<DIV id=PN style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<DIV align=center><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="DISPLAY: inline; TEXT-DECORATION: underline"><FONT style="FONT-FAMILY: serif" size=2>SIGNATURES</FONT></FONT></FONT><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: serif" size=2> </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-FAMILY: serif" size=2>Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized. </FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV align=justify><FONT style="DISPLAY: inline; FONT-WEIGHT: bold"><FONT style="FONT-FAMILY: serif" size=2>DELAWARE INVESTMENTS NATIONAL MUNICIPAL INCOME
FUND </FONT></FONT></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>/s/ PATRICK P.
      COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Title:&nbsp;</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Chief Executive
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Date: &nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%">
      <DIV align=justify><FONT style="FONT-FAMILY: serif" size=2>February 25,
      2010 </FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV align=justify>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="FONT-FAMILY: serif" size=2>Pursuant to the requirements of the Securities
Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in
the capacities and on the dates indicated. </FONT></DIV>
<DIV align=justify>&nbsp;</DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>/s/ PATRICK P.
      COYNE</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Patrick P. Coyne</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Title:&nbsp;</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Chief Executive
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%">
      <DIV align=justify><FONT style="FONT-FAMILY: serif" size=2>February 25,
      2010 </FONT></DIV></TD></TR></TABLE></DIV>
<DIV align=justify></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="10%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="99%" colSpan=2><FONT style="FONT-FAMILY: serif" size=2>/s/ RICHARD SALUS
    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>By:</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Richard Salus</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Title:&nbsp;</FONT></TD>
    <TD noWrap align=left width="80%"><FONT style="FONT-FAMILY: serif" size=2>Chief Financial
      Officer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="19%"><FONT style="FONT-FAMILY: serif" size=2>Date:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="80%">
      <DIV align=justify><FONT style="FONT-FAMILY: serif" size=2>February 25,
      2010 </FONT></DIV></TD></TR></TABLE></DIV>
<DIV>&nbsp;</DIV>
<HR align=center width="100%" noShade SIZE=2>
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